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183 A meeting of the Executive Comnittee of the Federal Reserve Board was held in the office of the Federal Reserve Board on Thursday, August 27, 1931, at 3:00 p. m. PRESENT: Governor Meyer Mr. James Mr. Magee Mr. McClelland, Assistant Secretary. The Assistant Secretary presented a telegram dated August 26th from the Chairman of the Federal Reserve Bank of Boston, advising that the Board °I. Directors, at its meeting on that date, made no change in the bank's existing schedule of rates of discount and purchase* Without objection, noted with approval. The Assistant Secretary also presented draft of reply to letter dated August 24th from the Chairman of the Federal Reserve Bank of Chicago outlining the Proposed procedure to be followed in connection with the forthcoming elections of Class A and B directors of the bank; the proposed reply adthat inasmuch as this year November 1st and November 15th, the Nuler dates for opening and closing the polls in elections of Class A and 8 directors, fall on Sunday, the Board will advise the Chairmen of all FedReserve banks that the polls for the elections should be opened on 11°7ember 2nd and closed on November 16, 1931; the proposed reply also advising that while the Board has no objection to the Federal Reserve Bank of Chicago filcing October 23rd as the final date on which nominations will be received, 40 d te should be fixed for the opening of nominations, as it is deemed ad.able to regard as valid any nominations received after the date on which the Chairman's letter formally notifying the member banks of the approaching slection is transmitted and before the final date for the receipt of nominat101 .1s• Upon motion, the proposed letter was approved. 184 8/27/31 -2Draft of letter to the Chairmen of all Federal Reserve banks advising That this year the polls for elections of Class A and B directors should be °Paned on November 2nd and closed on November 16th. Approved. The Governor stated that he had just been advised over the telephone by -.vernor Harrison that the Board of Directors of the Federal Reserve Bank °II New York today voted, subject to the approval of the Federal Reserve Board, tO authorize the officers of the bank to arrange for a renewal, for a period °I' not to exceed three months, of the bank's participation of $1 083 000 in the so-called first Austrian credit which will expire on August 30th. Upon motion, the action of the New York directors was approved, with the understanding that the renewal will be under the same general terms and conditions as governed the original credit. 1.1129RTS OF STANDING COM/TIMES: bated, August 27th Recommending changes in stock at Federal Reserve Banks, as set forth in the Auxiliary Minute Book of this date. Recommendations approved. The meeting adjourned at 3:10 p. m. Assistant Secretary. 415151"oved: _Lc-3p.) (Executive Cannittee) AUXILIARY MINUTES (August 27, 1931) Reports of Standing Committee dated August 27th, recommending changes in stock at Federal Reserve Banks, approved as follows: 4ctlaca,s for SURRENDER of Stock: uistrict _ No 1 14ew England Trust Company, Boston, Lass. (Decrease in capital) District No. 4. auernsey National Bank, Cambridge, Ohio. (V.L.Abs. by Central National Bank of Cambridge) Pirst National Bank, Smithfield, Pa. (Insolvent) District NO. 7. Pirst National Bank, Polo, Ill. (Insolvent) Pirst National Bank, Goodland, Ind. (V.L.Suc. by a new State bank) %lardian National Bank, Chicago, Ill. (V.L.Abs. by Union Bank of Chicago) hrst National Bank, Scobey, Mont. (Insolvent) 411 Claire National Bank, Eau Claire, Wis. (V.L.Abs. by Eau Claire State Bank) 4strict No. 10. Pirat National Bank, Beggs, Okla. (Insolvent) 1318trict No. 12. rst National Bank, Mackay, Idaho. (V.L.Abs. by First State Bank, Challis, Idaho.) Shares 120 120 60 90 150 45 36 750 831 20 120 140 17 17 17 Total 17 1,275 Assistant Secretary.
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